IQ Ultra Short Duration ETF

Ultrapetrol did not provide consolidated revenue or EPS figures in this transcript. Management said River Business adjusted EBITDA increased slightly year over year despite a 16% decline in freight rates, with gross tons carried up 10%. Offshore adjusted EBITDA decreased by $4.5 million due to Petrobras contract cancellations, vessel blockages, and devaluation effects, while Ocean adjusted EBITDA improved by $1.1 million. Parana iron transshipment volumes rose to 165,000 tons from 148,000 a year earlier. Cash and cash equivalents were $45.6 million, restricted cash was $6.5 million, and total cash was $52.1 million as of June 30, 2016. Looking ahead, management did not give formal next-quarter or full-year financial guidance; instead, it said it expects continued benefits from cost-reduction initiatives, while restructuring options remain under analysis.

Damian Scokin framed the quarter as one where weak commodity markets continued to pressure the core river business, but operational execution partly offset the pricing decline. He emphasized the company’s point-to-point operating model, cost control, fuel savings, and asset-utilization improvements, and said these initiatives should keep benefiting results in coming quarters. In offshore, he described a still-difficult environment but pointed to new Petrobras tender progress, extension wins, and efforts to return laid-up vessels to work. He also said the company continues discussions that could involve a sale of the Ocean business in full.

Cecilia Yad focused on liquidity and the balance sheet, saying the company ended June 30, 2016 with $45.6 million of cash and cash equivalents and $6.5 million of restricted cash, or $52.1 million total cash. She said the company did not make a $10 million interest payment on the note due 2021 and also did not make a $6.5 million interest or principal repayment on the River Business loan facility. Yad said negotiations with secured lenders were ongoing and that options under review include asset or segment sales, debt restructuring, and adding new capital. She stressed that a key priority is maintaining healthy liquidity while continuing normal payments to vendors, employees, suppliers, and trading counterparties.

There was no analyst Q&A captured in the transcript. The most notable update from management was on the lender forbearance and restructuring process: the company said extensions had been agreed earlier, but no further extension was reached after May 31, 2016, and management remained confident a financial restructuring could still be achieved. Management also highlighted that Petrobras tender discussions were ongoing, with positive preliminary results but still subject to board approval and vessel-count confirmation.